FINDSPARK COMMUNITY SUCCESS STORIES

Mohammad Bolatero, Digital Marketing / Social Media Intern at Two TreesCommunity member and Hustle Summit Fellow Mohammad found out about the internship at Two Trees through the FindSpark job board. He applied and eventually got the job!

September 29, 2016

Kaila Kane, PR Intern at ASTRSKPR
Hustle Summit Fellow Kaila applied to ASTRSK PR through the FindSpark job board, and was offered an accelerated internship at the company with the potential to become an Assistant Account Executive. She says, "I started participating in FindSpark events/webinars in January, and two months later I can say that I've found a job and am officially moving to New York!"

March 22, 2017

Christina Waterman, Associate Producer for the Shorty Awards
Christina, a Hustle Summit Scholar, used the FindSpark job board to apply for a freelance position at the Shorty Awards and got the job! She was recently brought on full-time.

March 22, 2017

Matthew Reich, Film Marketing Intern at Allied Integrated Marketing
FindSpark member Matthew attended Hustle Summit in New York City, where he met with reps from Allied Integrated Marketing. He was later hired as their newest Film Marketing Intern!

April 4, 2017

Tiffany Hui, Content Manager, Global Emerging Accounts at BrandwatchTiffany attended Hustle Summit in New York City with her sister Melissa, a longtime member and Hustle Summit Fellow. She connected with Brandwatch at the event, and got the job a few months later!

April 4, 2017

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5 Tips for Paying Student Loans & Saving Money at the Same Time

What do you know about credit scores, student loans, how to make extra cash from side hustles, and your finances in general? Growing up means learning how to manage your money. We know that it’s a long and confusing process, so join us on Tuesday, January 12th, for a free virtual workshop and learn everything that you need to know and have all of your questions answered: findspark.com/event/know-your-worth

This post is brought to you by our awesome partner, Credit Karma, the best way to keep tabs on your credit. Get free scores, reports and tips to help you get started at creditkarma.com.

If you’re making student loan payments while juggling rent, groceries and other bills, your monthly budget may be stretched thin. On top of that, you might have also heard that you should save 10 to 15 percent of your income for retirement, if possible.

But if you’re just starting out and don’t have a large income, how can you do it all?

A few employers offer help with paying down student loans as part of their benefits package. Just 3 percent of employers offer this benefit, according to the Society for Human Resource Management. But if you get a job with one of these companies, you may be able to increase your savings rate and still meet your loan payment requirements.

One such company is Pricewaterhouse Coopers, a consulting and accounting firm. Starting in July 2016, associates and senior associates in the U.S. will get up to $1,200 a year, for up to six years, to help pay down student loans.

2. Increase your savings with employer matching.

If your employer offers a retirement plan, such as a 401(k) or 403(b), they may also match part of your contribution. This means when you put a percentage of your paycheck into your retirement account, your employer may also contribute to your account.

The exact amount of the match will depend on your employer — the person or organization overseeing your company’s benefits, typically the human resources department, should be able to walk you through the details. Ask them how much you need to contribute each pay period to take full advantage of the company’s match and see if it’s a manageable amount.

Even if you don’t get the maximum match each year, a matching program can significantly increase your savings rate. Some employers contribute an additional 50 cents or a dollar, up to a certain percentage of your income, for every dollar you save.

According to Jeff Rose, a Certified Financial Planner™ and founder of GoodFinancialCents.com, saving 10 percent of your pre-tax income is a good start because you’ll likely have a lot of time to let the money grow.

3. Decrease your loan payments and free up more funds.

Depending on your income and circumstances, you may be eligible for an income-driven repayment plan for your federal student loans. If you qualify, your payment amounts may vary depending on your income, where you live, the size of your household and changes in the overall economy.

Switching to an income-driven plan may decrease your monthly payments, freeing up money to save or invest. In addition, you may be able to get your loans forgiven if you make consistent payments for 20 to 25 years. However, because you’re making smaller payments over a longer period of time, you’ll pay more in interest over the lifetime of the loan compared to the standard ten-year repayment plan. And if your loans are forgiven, it may be considered taxable income, which could increase your tax bill.

4. Earn extra money on the side.

There’s a limit to how much you can save each month, but there’s virtually no limit to how much you can earn. If you aren’t earning enough from your day job to both save for retirement and make student loan payments, consider looking for a flexible side job.

You can pursue many different types of work to earn extra income. If you’re crafty, you can sell your homemade wares on Etsy. If you’re good with children, consider looking for babysitting opportunities. Want to get out of the house? Try looking for one-off gigs on Craigslist or TaskRabbit, or explore the many other part-time options available to you.

5. Be kind to yourself.

Try to avoid stressing yourself out with unrealistic expectations. If you don’t think you can save money and make loan payments at the same time, focus on making the monthly payments and start tracking your expenses. You can do this by using expense-tracking tools that automatically record and organize expenses from connected credit and debit cards. You can also simply record purchases in a spreadsheet or handwritten journal. Once you know where your money is going, you can create a budget or look for opportunities to cut expenses over time.

The Bottom Line

Making loan repayments and saving money at the same time can be difficult, but it’s a worthy goal. The earlier you start saving, the more time your money has to grow. Try to find ways to get help from an employer, decrease your loan payment, or earn more money. And don’t beat yourself up if you can’t make payments and save money right away, as it may be something you need to work toward.

Special Thanks to Our Partner

Whether it’s finding an apartment, applying for a new credit card or getting a car loan, your credit can make a big difference. If you’re not sure where you stand or how you can start building your credit, Credit Karmacan help. They’ll hook you up with your scores, reports and a whole bunch of helpful tips, and it’s all totally free.

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Whether it’s finding an apartment, applying for a new credit card or getting a car loan, your credit can make a big difference. If you’re not sure where you stand or how you can start building your credit, Credit Karma can help. They’ll hook you up with your scores, reports and a whole bunch of helpful tips, and it’s all totally free.

About FindSpark

FindSpark is a community dedicated to setting up young professionals for career success and connecting employers to top, diverse young professional talent.

Since forming in 2011, FindSpark has become the largest Meetup group for interns and recent grads in the country, hosting over 250 events for more than 25,000 members.

FindSpark is proud to be a certified Women-Owned Business Enterprise (WBE).

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